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montgomery scott. thank you, mark. dennis: on deck we have president obama taking questions on the cliff on twitter this hour. latest on negotiations or lack thereof coming up. tracy: did you tweet your question yet? dennis: not yet. tracy: higher taxes on the wealthy prompted an exodus from france and britain. will americans follow them to other countries? looks how oil is trading as we head out to break. pretty much flat. $89.08 a barrel. we'll be right back. tracy: it is time to make money with charles payne. this hour we're taking a look at a farm cute -- pharmaceutical company in the green. points.own about three >> market is not looking good. this is called medicis company. it is not relativelily well-known. beat the street, 27%, 47%. they had a miss. stock pulled back. they have three strong products. what i'm intrigued by is the proddct pipeline. they have anti-platelet agents that was reviewed by the university of munich. tremendous review. patients on the verge of having cardiac surgery got to get all that plavix out or counteract that. if this gets approved, three products in
's governors met with president obama today about what they need to see in a fiscal cliff deal. we talk with delaware governor jack markell. >> susie: i'm susie gharib. a coalition of the nation's top c.e.o.s is feeling pessimistic about getting a fiscal cliff deal. the group's leader joins us, maya macguinneas. >> tom: and luxury fashion meets the mass market. who wins with target's pairing with neiman marcus? >> susie: that and more tonight on nbr! >> tom: there wasn't much obvious ground given today between president obama and congressional republicans in the effort to avoid the fiscal cliff in january. president obama repeated his pledge he's open to new ideas, but is holding firm on his call for higher taxes on top income earners, something missing from the g.o.p. plan. with just three weeks left, the two sides are still at odds with their opening offers. th time ticking away to reach a deal before tax cuts expire and spending cuts hit, president obama today said he's still optimistic a deal will be done and he's willing to compromise, but negotiations just aren't there yet. >> it'
to the federal revenue. here is what happens if obama drives us ofthe cliff. that 82 billion in higher taxes with the top 2 percent, add to that, we don't want to leave anybody of ofthis deal, $223 billion. now, do you suppose there is a reason that president obama likes to all the talk about those tax hikes, the tp 2%? i wonder why. could it be that he wants to drawttention away from the 400 -- let's do that right here, 400 -- $4 billion projected by the congressional budget office, $494 billion of obamacare taxes that will hit t the 2%, not the 98%, but the middle-class, and they start hitting on january 1st, and it does not matter whether we go over the cliff for not. if you have not heard about those tax hikes, perhaps it is because the mainstream liberal media for some strange reason does not want to talk about the inconvenience impact of obama taxes on our middle-class. >> the bill is passed. lou: the house passes the stem emigration bill. some democrats call it racist and pandering. how that? and republicans also introduced the achieve act. other republicans taking the lead on emigra
of cars made before 2012 will not. up next, president obama meeting with everyone about the fiscal cliff, everyone except for the leaders in washington d.c. for the republican party. we will share our list of people that the president might also want to think about sitting down with. it might have just about as much affect as president obama plane taxman. how much higher? we will show you what some suspect about the math in d.c. in the "chalk talk" next. ♪ [ engine revs ] ♪ ♪ [ male announcer ] the mercedes-benz winter event is back, with the perfect vehicle that's just right for you, no matter which list you're on. [ santa ] ho ho, ho, ho! [ male announcer ] lease a 2013 c250 for $349 a month at your local mercedes-benz dealer. and waiting in line. i don't have to leave my desk and get up and go to the post office anymore. [ male announcer ] with stamps.com, you can print real u.s. postage for all your letters and packages. it gives you the exact amount of postage you need the instant you need it. can you print only stamps? no. first class. priority mail. certified. international.
of cars made before 2012 will not. up next, president obama eeting with everyone about the fiscal cliff, everyone except for the leaders in washington d.c. for the republican party. we will share our list of people that the president might also want to think about sitting down with. it might have just about as much affectas president obama plane taxman. how much higher? we will show you what some suspect about the math in d.c. in the "chalk talk" next. you know how painful heartburn can be. for fast, long lasting relief, use doctor recommended gaviscon®. only gaviscon® forms a protective barrier that helps block stomach acid from splashing up- relieving the pain quickly. try fast, long lasting gaviscon®. ♪ lou: we have a national debt net of $16 trillion. we want to do a little something in that "chalk talk" tonight to bring some simple math home, primarily for the benefit of those we elected to represent us in washington d.c. and if cbo, a congressional budget office projections are right, that 16 will be a trillion dollars higher next year. if the fiscal cliff is avoided, the fed
of cars made before 2012 will not. up next, president obama meeting with everyone about e fiscal cliff, everyone except for the leaders in washington d.c. for the republican party. we will share our list of eople that the president might also want to think about sitting down with. it might have just about as much affect as president obama plane taxman. how much higher? we will show you what some suspect about the math in d.c. in the "chalk talk" next. [ malannouncer ] it'that time of year again. time for cii price rewind. because your daughter really wants that pink castle thing. and you really don't wt to pay more an you have to. only citi price rewind automatically searches for the lowest price. and it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all you need is a magic carriage. citi price rewind. buy now. save later. citi price rewind. nfc, afc, offensive lineman, defensive tackles, quarterbacks and cornerbacks are all living united. to ensure the acadic success of millio
today between president obama and congressional republicans in the effort to avoid the fiscal cliff in january. president obama repeated his pledge he's open to new ideas, but is holding firm on his call for higher taxes on top income earners, something missing from the g.o.p. plan. with just three weeks left, the two sides are still at odds with their opening offers. with time ticking away to reach a deal before tax cuts expire and spending cuts hit, president obama today said he's still optimistic a deal will be done and he's willing to compromise, but negotiations just aren't there yet. >> it's going to require what i talked about in the campaign, which is a balanced, responsible approach to deficit reduction that can help give businesses certainty and make sure the country grows. >> tom: the president rejected the proposal republicans presented him yesterday. it would cut the debt by $2.2 trillion over ten years, but would not raise taxes on america's highest earners, the biggest sticking point. the two sides seem to be allowing themselves room to bargain. the president said tod
. >>> these are your headlines. the war of words over the fiscal cliff intensifies as obama prepares to take his case to the american people. the eurozone was living in a, quote, fairy world. draghi tells governments they cannot rely only on ecb help and chastises them for past mistakes. and schaeuble warns a default could spell the end of the euro. >>> president obama travels to a suburb of philadelphia today to tour a local toy company. he'll speak at noon eastern time and will continue to press republicans to let tax cuts expire for people making more than $250,000 a year. reports suggest the president's opening bid and budget talks calls for a $1.6 trillion tax hike, $50 billion in new in-practice straukt spending, and unfettered power to raise the u.s. debt ceiling. that was laid out to lawmakers yesterday by tim geithner and led to sharp comments there both sides of the aisle. >> now is the time for the republicans to move past this happy talk about revenues, ill defined, of course, and put specifics on the table. the president has made his proposal. we need a proposal from them. >> what we don
to avoid the year end fiscal cliff. >>> and president obama is meeting with a group u.s. governors today around 10:00 a.m. eastern. it includes jack markell, mary fallon, scott walker. the governors will discuss how the fiscal cliff will impact their states and possible solutions. it's also expected to meet with house republicans, as well, this week. >>> and oracle is amongst the latest of speeding up their dividend pay outs to avoid possible tax hikes because of the fiscal cliff. they will pay dividends a total of 18 cents a share for the next three quarters. larry ellison didn't take part in the decision, but he will benefit. he own as 23% stake in the company, so he'll receive around $198 million. yes, you heard it right. oracle stock down 0.8% despite that in frankfurt. still to come, interest rates in australia are moving down. down under. find out what central bank is worried about when we come back. >>> australia central bank held its rate setting meeting. matthew taylor has the details. >> the market had been pricing in a 25 basis point rate cut and the reserve bank delivered wit
cliff and our assertion %-president obama.iff belongs to we'll be right back. twins. i didn't see them coming. i have obligations. cute obligations, but obligatio. i need to rethink the core of my portfolio. what i reay need is sleep. inoducing the ishares core, building blocks for the heart of your portfolio. findut why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 100-ishares for a prospectus wch inclus investment objectives, risks, charges and expenses. read and consider it carefully beforenvesting. risk includes possle loss of principal. you know how painful heartburn can be. for fast, long lasting relief, use doctor recommended gaviscon®. only gaviscon® forms a protective barrier that helps block stomach acid from splashing up- relieving the pain quickly. try fast, long lasting gaviscon®. lou: well, some conservative critics blasting a detroit city councilwoman who says president obama owes the city a federal bailout. her reasoning is rather direct. detroit overwhelmingly supported the president's re-election so she says the
the fiscal cliff because it will have bad responses to republicans. the obama people will be able to say you gave away the ability to keep taxes down on 98% of americans. and for the president, the idea that he would allow the taxes to go up, again, on appetizing for him given that he said he would protect the american middle class. lori: he said the same thing over and over again. how do you see this sorting itself out? >> from purely a political viewpoint, i did not see why anyone would not make a deal. the fear i have is they just kick the can down the road thing and they create a three-month bridge. not the heart and soul of it which will be, as you said, some kind of tax hikes. then, you move on, in terms of the entitlement cuts. i do not think we will get the social security. when it comes to spending and social security on the like -- that is what will happen. i do not see why people don't just make the deal. lori: how much further down the road can it go? juan williams, so nice to see you. have a nice weekend. >> thank you, lori. melissa: charlie gasparino has the latest details. he
saying he's confident the obama administration can reach a deal with congress to avoid the fiscal cliff. but speaking with reporters in bangkok, he says the automaker is prepared for any outcome. cnbc has learned the completion of the so-called volcker rule is being delayed until the end of the first quarter of next year instead of the end of this year. the rule which is named for paul volcker bans banks from proprietary trading. but it's proven difficult for u.s. regulators to define and high volume of feedback has led to push back, repeated push back, of that deadline. mervyn king will release financial stability report today. there's been speculation in the report that king will raise capital requirements for banks and introduce new banking regulations. for our uk viewers, we'll bring you live coverage of the bank of england's report in just over an hour. for thousannow, chris wheeler j. what is your sense of what he could say? >> if we look at the uk banks, perhaps lloyd and those that have the biggest issues despite all the work, i think they're on a glide path to get to where they
. earlier, speaker boehner speaking about the fiscal cliff. now it is president obama. let's listen. >> we have emerged not yet where we need to be, but we certainly have made progress. the reason we have made progress in part is because of the outstanding management and productivity and gains and efficiencies that you have been able to achieve in each and every one of your companies. i have said this to some of the small groups, let me repeat it to the large groups, i am passionately rooting for your success. if the companies in this room are doing well, then, small businesses and medium size businesses up and down the chain are doing well. if companies in this room are doing well, then, folks get jobs, consumers get confidence and we will be able to compete around the world. now, the good news is, despite the extraordinary challenges we have seen over the last four years, there is progress in some key sectors of our economy. we have seen housing finally begin to bounce back for the first time. that has an enormous ripple effect throughout the economy. many of you, over the last two or th
selling stock on concerns about the impending peril of the so-called fiscal cliff. president obama for his part seems utterly unimpressed by market volatility and the consequences of failure to resolve the issues of tax hikes and spending cuts that go into affect the first of the year. as the markets were falling in the first hour of trading this morning, house speaker john maynard stood up and offered support to investors and leaders for the market. stocks stabilized and then began climbing on the speaker's expression of optimism that a deal is within reach. we will take all of that up and more here tonight with bedford open geyser ceo harvey eisen and republicans who have put tax revenue on the negotiating table , and some republicans have flat out repudiated their anti-tax increase pledge. the author of that pledge, grover norquist, here and we will ask him how it is that he came to be the villain in this piece, how it feels to be the subject of attacks from both the left and some on the right and what the future holds for those republicans who break their pledges to voters. also tonigh
another meeting. today president obama meeting with governors on the fiscal cliff talks so what is really going on behind the scenes? well, i will tell you what, we'll ask governor gary herbert of utah. he actually met with the president so we'll get a first-hand account. tracy: yeah, that will be interesting. is red tape standing in the way of a housing recovery? will foreclosures bog down in court proceedings? our very own judge napolitano is here to give us the scoop on that. ashley: plus, say it ain't so. the bubbly is losing its physician. the champagne industry suffering from a hangover from europe's economic woes. there hasn't been a lot of celebrating across the pond lately. we'll have more. tracy: i wonder if europe is drinking wine instead? ashley: they're drinking something. they will never give that up. tracy: they do it in church, heck. all right, top of the hour, time for stocks as we do every 15 minutes. we head down to nicole petallides on the floor of the new york stock exchange. girl, we are, as ashley said, drifting and it is all because of washington, isn't it? >> ther
will not. up next, president obama meeting with everyone about the fiscal cliff, everyone except for the leaders in washington d.c. for the republican party. we will share ourist of people that the president might also want to think about sitting down with. it might have just about as much affect as president obama plane taxman. how much higher? we will show you what some suspect about the math in d.c. in the "chalk talk" next. you stl think you'reolder than me? nah. don tell me. tell tiny! [ ice crackling ] [ knuckles cracking ] and who are you supposedo be, back-up? handlet. what you looking at? ha! cat-like reflexes... whoa! [ male announcer ] the coors light silver bullet pint. it's bigger. it's resealable. it's still the coldest. don't you do it. don't you do it! [ male announcer ] frost brewed coors light. the world's most refreshing beer! mortgage. married. two great kids. he wantso protect his family with a $500,000 term life insurancpolicy. what do you think it'll cost him? a hundred dollars a month? sixty? forty? actually none of the above. john can get a $500,000 polic
ahead, of course, live coverage of president obama's remarks on the fiscal cliff and the negotiations before the business roundtable. we'll bring that to you live in just a few minutes. [ male announcer ] citi turns 200 this year. in that time there've been some good days. and some difficult ones. but, through it all, we've persevered, supporting some of the biggest ideas in modern history. so why should our anniversary matter to you? because for 200 years, we've been helping ideas move from ambition to achievement. and the next great idea could be yours. ♪ >>> with the internet streaming space, hey, there melissa, we're looking at netflix bouncing around based on comments from the chief content cipher but the stock took a bit of a hit when he said that netflix has to plans to cover the costs of the disney deal. nevertheless causing the stock to come off the best levels of the day. back to you, carl. >>> the president is about to speak in front of the business roundtable. good morning, john. >> good morning, carl. he's talking to the business roundtable. you can expect him to highli
week. avoiding the fiscal cliff is coming down to taxes. president obama told bloomberg tv yesterday he is willing to be flexible, but there will be no deal unless republicans agree to raise income tax rates on the top 2% of wage earners in america. this week the gop offered a proposal that continues tax breaks for everyone while making cuts to medicare and social security. the president and democrats say the lack of a tax hike on the wealthy is leaving budget talks at an impasse. "60% of americans support asking millionaires to pay slightly more. many republicans feel the same way. the only ones who feel differently are the ones who work in this building. we can't let these negotiations be dictated by the tea party." "we've wasted an enormous amount of time here sparring back and forth in public, and it strikes me it's a good time to get serious about the proposals. traders are keying off market moves for clues about the economy. scott bauer of trading advantage joins us now. scott, what is the gold market telling traders about the prosepects of the economy going over the fiscal cliff
cliff talks. kayla is live with that. >> reporter: a little bit of movement potentially. president obama and house speaker john boehner spoke by phone yesterday as democrats and republicans continue to dig their heels in over this budget standoff. there's been no announcement of any new face the face talks as lawmakers try to reach a deal to avoid the so called fiscal cliff in january. treasury secretary tim geithner tells cnbc republicans have made a little progress, but the obama administration is "absolutely ready to go over the cliff if the gop doesn't agree to raise tax rates on wealthy americans." apple has lost a bit of its shine. the tech giant stock suffering its worst day in four years on thursday. several factors may have been at play. investors worried apple may be giving up ground in the tablet market to rivals, while nokia beat the company to the punch. there are also unconfirmed reports a stock clearinghouse firm is reducing the margin requirements on apple stock. apple lost $35 billion in market value yesterday. to put that into perspective, there are 417 companies listed
because obama clearly sees that he has a mandate out of the election on fiscal cliff issues. even though it wasn't a huge issue in the debate the white house is behaving like it has that mandate. what you have been seeing is republicans showing signs of flexibility and i am not just talking john boehner saying revenue is on the table. we have republican senators saying they will stand up to the grover norquist tax pledge. they're willing to break it which is pretty big news. we also have the influential member of congress, republican tom cole saying we have got to agree to extend the tax cut just for those people making $250,000 and below and letting the more wealthy be taxed. definitely flexibility but what you see from democrats is an unwillingness to do serious entitlement reform that would lead to reductions in spending. they want to kick the can down the road and do more of the next year with the vague promises. dennis: the think republicans will be willing to agree upfront to more tax revenue or higher tax rates as we go without a firm cap on entitlement reform? >> that is the big
the proverbial fiscal cliff. and that's why president obama has an advantage, because he's willing -- he says, this is what he and his advisers say, he's willing to send the nation off of the fiscal cliff, letting all income tax rates to jump, spending cuts to take hold, investment income rates to jump. he's willing to do that. he thinks republicans would get the political blame. republicans, on the other hand, note that listen, the president's going to have to have another term where he's dealing with what's likely to be a deep recession as a result of these huge income tax jumps. so it's a position that neither man really wants to be in, but talks have completely dried up. yesterday speaker john boehner and president obama did not speak and their staffs did not speak. so really this thing is at a standstill like we've never seen before. >> yeah. so the fact that we're not even talking now. the aides aren't even talking the each other. where does that leave us? how comfortable is everybody with this? when are they going to restart speaking? >> house republicans released their own proposal a
million. more "squawk on the street" straight ahead. >>> president obama's fiscal cliff puts the focus on another company. we want to listen into what the ceo had to say about the cliff. >> i think we have to rise above all of the partisan rhetoric that we've been talking about. what we're talking about here is a fiscal cliff as a math problem. we have solved bigger problems as a nation in the past. i'm 100% confident we'll have a deal by the end of the year and gdp growth will be above 4% next year. >> congressman jim gerlach represents the district next door to where the president will be today. yesterday we had speaker boehner come on national television and say the president needs to stop campaigning. here he is yet again today going basically to your part of the country. how does that feel? >> he's going to be up in southeastern pennsylvania near where my legislative district is. i think the president ought to get off the campaign bus and get into the conference room with the speaker and the other congressional leaders and work out a deal. we only have about 30 days to go before t
to president obama right now. >> i have fiscal cliff fatigue. thank you very much. >> sure. tracy: we all do, dennis, but we have to talk about it because congress has to deal with it. we have a new gallup poll showing 5 # 4% of the voters rate the honesty of members of congress below that of used car salesmen. dianne black of tennessee joins us from the home state to hear what the constituents are telling her. what are con constituents sayin? >> well, you know, i'm hearing -oth from my individual constituents and business owners they are really concerned about the spending problem in washington. that's not really talked about. there's a lot of focus on the other side, but there is a real need to control the spending because we know we spend more than what we bring in every year, can want continue down this path, and you'll go off the cliff. we have to resolve that by going off the drivers of the debt, the entitlement programs, and we have to talk about that. tracy: right. we're not. i'm not sure why. i think an easy fix is raise retirement age. is that on the table for the republicans? >> w
. the race to solve the fiscal cliff triggered another round of dramatic sound bites from republicans and president obama. darren gersh has the latest. >> reporter: the president is still pushing to wrap up a deal on the fiscal cliff before christmas and just in case anyone missed that point, he visited a toy factory to urge congress to avoid raising taxes on the middle class. >> that's sort of like the lump of coal you get for christmas. that's a scrooge christmas. a typical middle-class family of four would see their income taxes go up by about $2,200. >> reporter: t psidents oposg to raise taxesy $1.6 trillion, while cutting spending by $400 billion. on top of that, mr. obama asked for $50 billion more for infrastructure spending and $140 billion to extend unemployment insurance benefits and the payroll tax cut. republicans literally laughed it off. >> they want... they want to have this extra spending that's actually greater than the amount they're willing to cut. i mean, it's... it's... was not a serious proposal. and so, right now, we're almost nowhere. >> reporter: across the c
of the ceos in the room with president obama this week in the fiscal cliff meetings. many of the executives saying that the white house sounded resounding resoundingly reasonable when describing plans to address the debt and deficit. >> so was this proposal the white house made yesterday with more spending and very few spending cuts, was that what mr. sorenson was expecting out of the gate? he joins us on the telephone with his thoughts. good to have you with us. >> glad to be with you. >> when you were with the other ceos at the white house, does it jive with what we're hearing about that made mitch mcconnell laugh yesterday? are those two plans one in the same? >> well, i'm hopeful that what's happening in the media is posturing by both parties and doesn't reflect where either party thinks a deal will end up. i think what the president talked with us about on wednesday afternoon was much more a sense of where things ought to end up, and that was, i think, somewhat different than it sounds like what was proposed. >> so you didn't hear about the tax increase for the wealthiest, the spending
impact. >> getner says the obama administration is only too willing to go over the qulif. cliff. do they mean marginal rates, or just rates. >> that's what's going to be worked out, the last minute deal that's where you find wiggle room. >> i guarantee you there's guys in boehner's camp that are ready to go over, too. >> but he's been moving to marginalize those peel. this is his way of taking control of the party. >> the question is why do they care where the money comes from. if you have a revenue target, then fine. but we need $800 million in revenue. john wehner figured it out. and boehner can turn around and say i need $6 trillion in titlement cuts. and they can each take each other's playbook and try and figure out what they would like best to -- figure out the number and figure out how to get there. >> i don't know. both sides seem to be only too willing to do it. they're in the booking rove on fox because of that fiasco. which made good tv, but apparent apparently, i don't know, but he says republicans will get the blame for going off the cliff, but the president will be wea
on wall street. stocks trade on fiscal cliff comments from president obama and john boehner. >> no substantive progress has been made in the talks between the white house and the house over the last two weeks. >> republicans know where we stand. we've said it, we've said it, we've said it so many times. >> i think all of us today are confident we can reach a bipartisan agreement by christmas time. >> according to congressional republican aides, they say they have obtained a copy of the white house's proffer here. at least $50 billion in new spending. >> do you have faith in any of them to rise above? >> would it be okay to go over? >> we will rise above. >> morgan stanley wealth management's chief investment strategist up next with his list of winners and losers. plus, how you can make money in these shaky markets as the year winds down. >>> later, as lawsuits pile up and hewlett-packard stock suffers, carly fiorina will join me for her first interview since the autonomy disaster came to light. wait until you hear who she says deserves the blame. >>> also, social security an
you. >> sticking with the cliff, governors are set to meet with president obama and congressional leaders. the meeting coming one day after the white house rejected a republican plan for averting the cliff. chi chief washington correspondent john harwood is outside of the white house this morning. how do business leaders change the equation? >> reporter: the president is trying to orchestrate a consensus behind his approach to deficit reduction. this is a group part of the national governors association executive committee. a diverse group. he carried three states he represents and governors include scott walker, leader of conservative government reform movement going after public employee pensions and shrink government obligations that way. governors are pragmatic. the president is trying to make the case if you look at polls and revenue needs of the government and ageing of our population, the pragmatic thing to do is trim entitlements. the significance of speaker boehner's offer yesterday he put specifics on entitlements on the table. they are significant raising the medicare e
the top leaders of congress involved in fiscal cliff negotiations, the one facing the most home state pressure may be senate republican leader mitch mcconnell. he faces re-election in kentucky, a state where the tea party movement is alive and well. president obama may have won this election but two years ago leaders of the tea party movement elected ron paul's son rand as kentucky senator over an establishment republican. one leader of that movement who runs a high-end audio equipment business says they could do the same thing in 2014, and this time take out mitch mcconnell if he agrees to raise taxes. >> we shall not raise taxes in this country. we do not have a revenue problem. i would like senator mcconnell to recognize that the washington leaders are like a bunch of crack addicts. they need evermore money for evermore growing government and it is at the expense of the ordinary citizen that they pursue these policies. >> reporter: but the brighter those lines are drawn, the harder it will be to get a deal. owen williams worked more than 20 years on wall street. now he runs a small
america? >> tom: i'm tom hudson. president obama tries to win over top business leaders, warning republicans are holding the global economy hostage over the fiscal cliff. >> susie: and apple shares get of the most widely owned stocks sees heavy trading. >> tom: that and more tonight on "n.b.r." >> susie: big job cuts today at one of the nation's biggest banks. citigroup announced it's slashing 4% of its staff; that works out to 11,000 jobs worldwide. the cuts will save the bank more than $1 billion a year in expenses. but they won't be cheap, resulting in a billion-dollar charge against fourth-quarter earnings. is this gloomy news from citi the beginning of other companies doing the same? suzanne pratt reports. >> reporter: 11,000 jobs are a lot of layoffs, even for a bank as huge as citi. and there could be more. that's because the monster firm is still struggling to recover from the great recession even though it has fired a lot of other workers in the last few years. the thing is, citi has a new c.e.o. in michael corbat, and experts say he's anxious to make his mark, even if t
. voters seem to favor the president. a new poll shows that 53% trust president obama to avoid the fiscal cliff compared to just 36% for republicans. let's bring in juan williams. he -- is it to make sure the republican take the blame for whatever happens? >> no. i will say this, the reason the president has been out campaigning is to amp up the politicallpressure on republicans and let them feel the heat from the public as a prospect that they would but taxes go up on everyone wheee there is a deal that would keep taxes down for 98% of the public. dagen: what about sticking to their guns? the president said he will not cut a deal without raising taxes on the wealthier americans. maybe they go off a little bit. is that a compromise that both sides would be willing to, well, eat? >> that is exactly the compromise that everyone around washington is discussing. the number that everyone is focusing on is the 37%. you also have, as part of that package, discussions about exactly how much, dagen, they would cut in terms of entitlement. dagen: secretary geithner caught in an interview that he ga
againsy on the fiscal cliff. speaker boehner is demanding a face-to-face meeting with president obama and the pentagon is preparing for the worst. >> it could take a week to clear out the backlog of ships. we're live at the port of los angeles straight ahead. tracy: time for stocks as we do every 15 minutes. nicole petallides on the floor of the new york stock exchange. it has been a wild ride. a lot of it has to do with apple, right? >> the big picture, markets are higher. apple has come under pressure. let's look at the major market averages. the dow is up triple digits, completely erasing losses over last couple days. posting a gain for the week. tech-heavy nasdaq pom cost it is moving to the because weighed down by apple. research and findings have found that apple faces intense competition in the tablet market for ipad and ipad mini and probably will lose market share to android and even microsoft systems. you're seeing apple down 28, almost 29 bucks. a terrible day if you're a shareholder hoping to get to the upside. a lot of folks hope it will get back to 700. not today. look a
this fiscal cliff and move on. connell: we probably would be talking a lot more about china and the transition of power and how president obama is supposed to do without. when you say there are economy is not doing that great, does that mean it is in jeopardy of a tough all, or it will hang in there? >> i think it will hang in there. china, i think, will grow. reasonably, i have seen some analysts come out and be pretty bullish. their economy, the outlook is willing not that bright. although, they probably will not fall hard. china is sort of setting their status quo. i think the u.s., again, back to the u.s., they have to get their act together. connell: a few days after the end of the year. that is just silly, if you think about it. if we all know the answers, why do we have to wait until the new year. thank you very much. good to see you. dagen: as the nation waits on washington, what is really going on behind the scenes? brett fair on the timeline for a deal in d.c. the mississippi river will always have its own way. no engineering skill can persuade it to do otherwise. the river is doing
, no. it's still big numbers. >>> we've also been talking about the fiscal cliff. president obama hopeful that it can be reached before christmas. eam eamon has more on this. >> for the past few days i've been on air explaining why markets are wrong to react to the washington boilerplate headlines. that's washington boilerplate but we did get some comments here last night in washington with lloyd blank fein and john harwood on air that i think are significant and will move the needle here on this deal. take a look at how lloyd blankfein said president obama explained it last night. >> the president was, you know, gave us a lot of time. he and the staff went through a very detailed plan of what the plan was for balancing the budget. devil in the details. there was a lot of details, and i would say i think there was a lot -- it was very credible. >> now, the political significance here of the head of goldman sachs calling the president's plan very credible is probably great news for the white house. it gives them the type of political cover they were look for from the ceo meeting. i
their own people. >>> president obama and john boehner will talking on the phone about the fiscal cliff. still, there's no real progress. this all comes as another republican says he's willing to break ranks regarding this. tom coburn said that he -- some are looking for a way to save grace as they move in. >>> allison turns reports, hundreds of thousands of california jobs could be lost. alison? >> reporter: and dave, the defense industry projects about 135,000 jobs would be lost in california over the next few years if those tax increases and massive spending cuts kick in at the end of this month. if there's no deal on those, the pentagon was initially told not to plan for the cuts. that's all changed. in the last 24 hours, the pentagon leaders say they are preparing to slice about 10% of the budget. if we go over the fiscal cliff experts predict one in five defense contracts in california could be -- would be lost. both parties say there's still time to reach a deal and avoid those major losses. >> nobody wants to get this done more than me. >> our goal is to make sure this gets reso
or no decision after the first of the year? >> well, i think we'll get some sort of a decision on the cliff between the 18th and christmas. i guess president obama is scheduled to go to hawaii later in the month. i think he probably has a deadline before that date, but we'll get some sort of a decision. i have a feeling that we're going to go over the cliff. it's not going to be the end of the world for the economy. i think business has been talking for years now, a couple years now about the need for certainty, and if this, the fact that we do go off the cliff provides a certain amount of certainty for business. and a $500 billion down payment on the deficit and the debt, i think, is actually a nice piece of certainty for business so that they can plan for 2013 and 2014. it will mean an exceedingly weak first quarter next year, but i think throughout the year economic growth will get stronger. david: well, but, michael, on the other hand, sometimes if i'm certain somebody's dead, that won't bring them back to life. sometimes certainty is not necessarily good news. you say that the market i
movement on the cutting of spending either. peter: president obama and john boehner in front of cameras to make their cases in the battle over the fiscal cliff. the speaker said he is willing to move forward with negotiations in good faith after republicans rejected the president's first formal offer yesterday as being short on spending cuts, but it doesn't sound like anyone has put the brakes on the road to the coin. >> let's not kid ourselves. i am not trying to make this more difficult. i have been very guarded. i don't want to make it harder for me or the president or members of both parties to find common ground. >> this is not some run-of-the-mill debate, not about which political party can come out on top in negotiations and all of us get out of our comfort zones to make that happen. i am willing to do at and i am hopeful enough members of congress in both parties are willing to do that as well. >> the president's plan repeat his demand for $1.6 trillion over ten years on families making $250,000 a year and includes $400 billion in cuts, savings in medicare and medicaid and other
than its namesake metals. we'll explain. more tough talk today from washington on the fiscal cliff: treasury secretary timothy geithner said he's willing to go over it if republicans don't agree to tax hikes for the wealthiest americans. president obama said basically the same thing but added one more hard line to the negotiations. >> if congress in any way suggests that they're going to tie negotiations to a debt ceiling vote and take us to the brink of default once again, as part of a budget negotiation-- which, by the way, we have never done in our history until we did it last year-- i will not play that game. >> late today the president spoke by telephone with house speaker john boehner. no specifics on what they said to each other, but it was their first conversation in a week. eventually the two sides will get down to bargaining over specifics, including entitlements. one idea may be to change the way the government measures inflation. that may sound like a small change, but, as darren gersh reports, it could have a big impact. >> reporter: if the price of oranges goes up, co
's always talk about the election and the winner of obama but the most important market factor in november wasn't necessarily the win of obama over romney but it assures that ben bernanke will be here for a while. all this talk about the fiscal cliff is peanuts compared to the importance of what is happening in monetary policy. >> that is correct and the fiscal stimulus not so important. ben bernankeemaintaining quantitative easing for prolonged period of time gives investors confidence as opposed to taking the punch bowl away with quantitative easing of the mitt romney as president so when the fed says they will keep interest rates relatively low we are absolutely low and some time in 2013 you have to believe that. liz: the journal says qe 4 is coming. he is coming up in a minute because he got a big scoop yesterday on q e 4. great to have you on the program. the dow 14,000, you are obviously the bull, what would get us there and in what period of time? >> nice to be on with you. i think when we look at the technicals here we are seeing a strong landscape of many individual stocks represe
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